Report Highlights Corporate Financial Practices

Worcester-based consulting firm Lord & Benoit has released its NAIC Annual Financial Reporting Model Regulation report.

The report is a summary of the internal control reports of 415 public insurance companies. It is intended to serve as a model for private insurance companies that nonetheless want to adopt the type of corporate governance used by larger, more heavily regulated companies.

The report covers financial reports filed between 2004 and 2008 and is used to identify weaknesses in financial compliance and control required by Sarbanes-Oxley Act.